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2012
APRIL
At a Glance
New Branch Training Materials
Drive more referrals from branch employees with two new branch training programs added to ClientsFirst : Recognizing Referrals: Financial Institution Branch Training Guide by Lincoln This brochure is designed to help bank employees understand some of the financial challenges their clients are facing, recognize a potential need for financial planning and effectively make a referral to the financial consultant. Knockout Referral Game by Jackson Jacksons newest referral game helps you get associates in your corner by rewarding their efforts. This complete package of materials will engage associates and make implementation easy for you. The branch training materials are available at www.lplmarketing.com | ClientsFirst | Branch Training
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contents
1 Are You Ignoring Half Your Clients? A guide to developing stronger relationships with your women clients. 5 Introducing the New LPL Financial Marketing Gateway All the tools and resources you needall in one placeto effectively market your products and services to clients and prospects. 11 Opportunities for Growth and Streamlined Operations Bill Dwyer, president of National Sales and Marketing for LPL Financial, speaks candidly about our firms commitment to your success. 13 2012 LPL Financial Institution Services Conferences and Events Learn about our wide variety of educational, networking and training events offered throughout the year. 16 How You Can Shape Your Future Learn more about the Financial Services Institute and its mission to create a healthier regulatory environment for advisors. 17 Advisor Rankings A complete list of our most successful advisors to date. 19 Program Rankings A complete list of our most successful programs to date.
LPLFinancial and UVEST Financial Services are affiliated organizations and members FINRA/SIPC. For broker/dealer use only. Not for public distribution.
I worked with Pete and Karen as their financial advisor for more than 20 years. Pete had been retired for five years and we golfed or had lunch together every few months. I considered them among my best clients. But when Pete passed away unexpectedly, Karen began working with another advisor and moved all of her business to that advisor within a few months. How can you make sure this doesnt happen to you? Ask yourself the following questions: Do you have relationships with your female clients? Are those relationships substantial enough for your female clients to feel comfortable with you as their advisor? Research indicates that 70% of widows switch advisors after their husbands die.1 To avoid succumbing to this statistic, it is essential you develop relationships with your female clients, individually or as part of a couple.
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Previous generations relied heavily on Social Security to provide all or some of their retirement income. But for women in particular, it is important to remember Social Security will provide only a fraction of the retirement income they will need. However, most married men still begin claiming Social Security benefits at age 62 or 63, several years short of the age that maximizes the value of the average households benefits. Couples should consider discussing delaying the onset of the husbands benefitswhich could yield greater benefits for women and longer term benefits in the event they outlive their husbands.
Men Women
0 20 40 Years
65.7
75.7 80.6
80 100
64.6
60
1. Family first
Women work hard and are earning more than ever. But they also take time off for family and are facing earnings penalties for job interruptions. Women who graduated with a Harvard MBA lose up to 44% of their earning power for taking just 18 months off for family obligations.5 Many American women spend their earning years acting as caretakers, moving in and out of the workforce or working part time, giving way to a greater need for investment advice and active management of their retirement assets. Women who take time off from work to be a home caregiver can lose an average of: $25,484 in Social Security benefits $67,000 in pension benefits $565,000 in lifetime earnings6
focus
April 2012
For women, who are often tasked with taking care of aging parents, the impact of healthcare expenses and long-term care can be more than financial. You probably have clients who are members of the sandwich generation, those families who are sandwiched between raising children and caring for elderly parents. Currently, one in eight Americans age 40 to 60 is a member of this group. And, as more individuals retire without enough savings to live on, this generation continues to grow.
Source: Lincoln Financial Life Stages Survey: Long-term care, Lincoln Financial Group, September/October 2010.
1. Get started
Lincoln has created a prospecting letter for women that you can personalize and mail to get clients and prospects actively thinking about their financial futures. This letter can be sent to existing clients and prospects.
2. Present
Host a women-only seminar. The benefits of this initiative include addressing your current women clients to help them empower themselves, as well as potentially increasing your client base with new prospects. Generate interest with Lincolns customizable seminar invitation and ask attendees to bring a friend. Consider partnering with a business that offers a female-friendly service or product. Use the Lincoln Women and Investing client seminar, which discusses the unique nature and needs of women investors and strategies to empower women to drive their financial futures. Ask your Lincoln wholesaler for the invitation and presentation. Meet with your women clients In addition to your regularly scheduled meeting with your married clients, offer to meet with the woman separatelyone-on-one. This may enable some women to feel more comfortable talking about their own financial concerns and needs with you. Discuss their financial risk tolerance and ways to help prepare them for the unexpected. One way to do this is
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to use the Lincoln budget worksheet, Budgeting for Your Financial Future: A Womans Guide, with your clients to help identify financial goals and basic budgeting considerations.
3. Implement
Send a personalized follow-up letter to those clients you have met with to encourage them to ask questions and possibly set up another meeting with you. Use the Lincoln womens budget worksheet to follow up with any of your clients who have not completed it, or set up a meeting to review it with those who have. To access the Women and Investing materials, visit www.lplmarketing.com | WomenInvest, or ask your Lincoln wholesaler. Contact your women clients today to see the difference it can make for your business tomorrow.
2012 Lincoln National Corporation www.LincolnFinancial.com Lincoln Financial Distributors, Inc., a broker/dealer, is the wholesale distribution organization of Lincoln Financial Group. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations. LCN1202-2064500 2/12 Z01 Order code: LFD-WI-ARC001
The $14 Trillion Dollar Woman, Barbara Kay Source: LIMRA, Gender Matters: Retirement Savings of Working Men and Women, February 2011 Source: U.S. Department of Labor, Womens Bureau, 2009 IRS.gov The Cost of Workplace Flexibility for High-Powered Professionals, Claudia Goldin and Lawrence F. Katz, October 2011 A Womans Guide to Long-Term Care Insurance Protection, American Association for Long-Term Care InsuranceConsumer Education Division, 2009 Morningstar Inc., Annuity 2000 Mortality Tables
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focus
April 2012
Areyouignoringhalfofyourclients? Aguidetoavoidgettingstoodupbyyourwomenclients IworkedwithPeteandKarenastheirfinancialadvisorforover20years.Petehadbeenretired forfiveyearsandwegolfedorhadlunchtogethereveryfewmonths.Iconsideredthemamong mybestclients.ButwhenPetepassedawayunexpectedly,Karenbeganworkingwithanother advisorandmovedallofherbusinesstothatadvisorwithinafewmonths. Howcanyoumakesurethisdoesnthappentoyou? Askyourselfthefollowingquestions: Doyouhaverelationshipswithyourfemaleclients? Arethoserelationshipssubstantialenoughforyourfemaleclientstofeelcomfortable withyouastheiradvisor? Researchindicatesthat70%ofwidowsswitchadvisorsaftertheirhusbandsdie.1Toavoid succumbingtothisstatistic,itsessentialthatyoudeveloprelationshipswithyourfemale clients. Beyondthelongevitychallenge Womenrepresentasignificantopportunityforyourbusiness,controllinganestimated$14 trillioninassets.Andthatopportunityistwofold: Womenareoftentheprimaryfinancialdecisionmakerswithinahousehold. Assuch,theyarealsoconcernedaboutsavingforretirement.AccordingtoaLIMRA study,whenaskedwhattheirmostimportantreasonforsavingis,54%ofwomen respondedthattheyaresavingforretirement.2 Womenareearningmoremoneythaneverbefore. In2009,womenaccountedfor51%ofallworkersinhighpayingmanagement, professionalandrelatedoccupations.3And,accordingtotheIRS,halfofallindividuals withatleast$500,000ininvestableassetsarewomen.4 Threefactorstoconsiderwhenworkingwithwomen Understandingtheopportunityisjustthebeginning.Workingwithmostwomenclientsrequires differentthinkingandadifferentperspective.Womenfaceuniquefinancialchallenges,anda successfulrelationshipwithwomeninvestorsrequiresanunderstandingofthosechallengesand theirimpactovertime.
Many yAmericanwo omenspendtheirearning gyearsacting ascaretakers s,movingina andoutofthe e workf forceorwork kingparttime e,givingwayto t agreatern needforinves stmentadvice eandactive managementofth heirretiremen ntassets. Womenwhotaketimeofffrom mworktobeahomecareg givercanlose eanaverageo of:
Previo irretirement ousgeneratio onsreliedhea avilyonSocialSecuritytop provideallor rsomeofthei incom me.Butforwo omeninparti icular,itsimp portanttorem memberthat tSocialSecuri itywill provid deonlyafrac ctionofthere etirementincometheywilllneed. Howe ever,mostma arriedmenstillbeginclaim mingSocialSe ecuritybenefi itsatage62o or63,several l yearsshortoftheagethatmax ximizestheva alueoftheav eragehouseh holdsbenefit ts.Couples etofthehusb bandsbenefi itswhichco ouldyield shouldconsiderdiscussingdelayingtheonse greate erbenefitsfo orwomenand dlongerterm mbenefitsint theeventthattheyoutlive etheir husba ands.
Source:OE ECD,April201 11 2.Las st(wo)manst tanding Womenarelivinglonger,withalongerlifeexpectancy e th hanmen,7leavingmanymarriedwome en tofac cemanagingtheir t finances sontheirown nlaterinlife. Today,itsm moreimportan ntthanever forwo omentodeve elopandmain ntainarelatio onshipwitha financ cialadvisorth heyfeelcomf fortablewith,regardlessif fthey aremarried m orsing gle.Marriedwomen w whoare a facedwit h workingwithafina ancialadvisor rwhodealtonlywithher husba andmayseek koutanewad dvisoriftheir rspousepass es away. .Beforethathappens,besuretocultiv vateyour relatio onshipwithyour y marriedwomenclientsnow,and
increa aseyourchan ncesofretainingyourbookofbusiness throughoutm morethanon nelifetime. 3.Bei ingpreparedforwhatevermayhappen Forwomen, w theod ddsofneedin nglongtermcare c aresigniificant.Onest tudyrevealed dthatofthos se receiv vinglongterm mcarebenefi its,41%were esinglewome en,manyofw whomwerew widowed. Arece entLincolnFinancialGroupstudyrepor rtsthat75%o ofthosesurve eyedwouldu usetheir saving gstofundlon ngtermcare.MostAmeric cansdontha avearealplan ninplacetop payforthe significantcostoflong l termcar re,asshownbelow.Feder raldataestim matesthecost toflongterm m carecan c easilyexc ceed$60,000ayear.Forth heaverageU. .S.familywith$120,000in nsavings,tha at expen nsewillquicklydepletetho osesavings.
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AWo omansGuidetoLongTermCare C Insurance Protection,Am mericanAssociationforLong gTermCare Insura anceConsumer rEducationDiv vision,2009. 7 Morn ningstarInc.,Annuity A 2000Mortality M Tables s.
Forwomen, w whoare a oftentask kedwithtakin ngcareofagin ngparents,th heimpactofhealthcare expen nsesandlong gtermcareca anbemoreth hanfinancial. Youprobablyhaveclients swhoare memb bersofthes sandwichgeneration,tho osefamiliesw whoaresandw wichedbetwe eenraising childr renandcaring gforelderlyparents. p Curre ently,onein eightAmericansage40to o60isa memb berofthisgro oup.And,asmore m individu ualsretirewit thoutenough hsavingstoliveon,this gener rationcontinu uestogrow. Appealingtowom meninvestors s Advisorswhowant ttomeetthe eneedsofthe eirwomencli entsshouldm maketheeffo ortto under rstandtheseissuesandho owwomenap pproachtheir rfinancialwellbeing.Takin ngthose factor rsintoconsid derationmayhelpcreatethepathtoth eappropriate einvestment tproductsand d solutions,suchas: ntproductswithguarantee esanddeath benefits Investmen eettheneedsofwomenw whoarelivinglonger Incomeproductstome sforwomenwho w outlivet heirhusband ds Lifeinsuranceproducts tstohelpplanforpotenti alhealthconcerns Longtermcareproduct
Onewaytoincreaseyourappealtowomenclientsistounderstandtheuniquechallengesthey facetoday,aswellasidentifyingthestepsneededtoreachthemostappropriatesolutions. Inadditiontothechallengesalreadycoveredincludingearninglessandlivinglongerwomen approachfinancesandinvestmentsdifferentlythanmen. Manywomenworryabouttheirfinancesmorethanmen. Manywomenfocusonfamilyneedsandothersfirst. Manywomenaredrivenbyconnectionsoverpresentation. Takingthenextsteps LincolnFinancialDistributorsisproudtooffernewWomenandInvestingmaterialtogetyou startedasyoutakestepstohelpenhanceyourrelationshipwithyourwomenclients. 1.Getstarted Lincolnhascreatedaprospectingletterforwomenthatyoucanpersonalizeandmailtoget clientsandprospectsactivelythinkingabouttheirfinancialfutures.Thislettercanbesentto existingclientsandprospects. 2.Present Hostawomenonlyseminar.Thebenefitsofthisinitiativeincludeaddressingyourcurrent womenclientstohelpthemempowerthemselves,aswellaspotentiallyincreasingyourclient basewithnewprospects. GenerateinterestwithLincolnscustomizableseminarinvitationandaskattendeestobringa friend.Considerpartneringwithabusinessthatoffersafemalefriendlyserviceorproduct.Use theLincolnWomenandInvestingclientseminar,whichdiscussestheuniquenatureandneeds ofwomeninvestorsandstrategiestoempowerwomentodrivetheirfinancialfutures.Askyour Lincolnwholesalerfortheinvitationandpresentation. Meetwithyourwomenclients Inadditiontoyourregularlyscheduledmeetingwithyourmarriedclients,offertomeetwiththe womanseparatelyoneonone.Thismayenablesomewomentofeelmorecomfortable talkingabouttheirownfinancialconcernsandneedswithyou.Discusstheirfinancialrisk toleranceandwaystohelppreparethemfortheunexpected.Onewaytodothisistousethe Lincolnbudgetworksheet,BudgetingforYourFinancialFuture:AWomansGuide,withyour clientstohelpidentifyfinancialgoalsandbasicbudgetingconsiderations. 3.Implement Sendapersonalizedfollowuplettertothoseclientsyouhavemetwithtoencouragethemto askquestionsandpossiblysetupanothermeetingwithyou. UsetheLincolnwomensbudgetworksheettofollowupwithanyofyourclientswhohavenot completedit,orsetupameetingtoreviewitwiththosewhohave. ToaccesstheWomenandInvestingmaterial,visittheLPLWomenInvestwebsite,oraskyour Lincolnwholesaler.Reachouttoyourwomenclientstodaytoseethedifferenceitcanmakefor yourbusinesstomorrow.
2012LincolnNationalCorporation www.LincolnFinancial.com